While metal bonds for diamond and cubic boron nitride wheels are known, such wheels have not, to the time of this invention, been the preferred type of wheel for grinding cemented carbide tools. Although U.S. Pat. No. 3,925,035, which teaches the use of a graphite filled bronze or similar type of bond, is outstanding in terms of G ratio (volumetric ratio of material removed to wheel wear), it has inadequate chip resistance to successfully compete with diamond wheels made with resinoid type bonds in general purpose applications. The object of the present invention is to provide a lubricant filled metal bond for diamond or cubic boron nitride (premium abrasives) wheels which significantly outperforms prior art resinoid wheels in terms of G ratio, and has sufficient chip and spall resistance to compete effectively in general purpose grinding of cemented carbides and hard steels.